Fidelity Plans Hiring Spree to Expand Crypto Services to Include Ethereum Trading and Custody – Finance Bitcoin News

Fidelity will be on a hiring spree in order to increase its ether trading and to provide custody services. “As the demand for digital assets continues to steadily grow and the marketplace evolves, we will continue to expand our hiring efforts,” a Fidelity executive explained.

Fidelity Expands Crypto Services

Fidelity Investments’ digital assets subsidiary, Fidelity Digital Assets, is expanding its services.

Fidelity Digital Assets, which was established in 2018, currently employs around 200 people. A spokesperson from Fidelity said Tuesday that the company was looking for 110 additional positions in order to concentrate on other assets than bitcoin.

Tom Jessop (president of FidelityDigital Assets) commented:

Our hiring efforts will expand as digital asset demand continues to grow.

According to Fidelity’s product manager, Terrence Dempsey, Fidelity Digital Assets has around 400 clients, including registered investment advisers, hedge funds, and asset managers.

The company is currently only offering institutional investors bitcoin storage and trading.

Jessop said that the new recruits will assist in building infrastructure to support trading and custody services for ether.

Fidelity’s expansion announcement came as the crypto market shed nearly $500 billion over the past month. However, the executive noted that declines in crypto prices have not significantly impacted the firm’s business and the company is focused on long-term indicators, such as demand from clients. The Wall Street Journal quoted him as saying:

We’re trying not to focus on the downturns and focus on some of the long-term indicators … We are trying to build infrastructure for the future because we measure success over years and decades, not weeks and months.

Fidelity Investments has announced the addition of bitcoin to its 401(k), retirement plans.

Fidelity is expanding crypto services, including ether trading. What are your thoughts? Please leave your comments below.

Kevin Helms

Kevin is a graduate of Austrian Economics. He discovered Bitcoin in 2011, and has been an advocate ever since. His main interests are in Bitcoin security, open source systems, network effects, cryptography, and intersections between economics, cryptography, and Cryptography.